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Guides · Review

What Is UzNIF: Uzbekistan National Investment Fund Review, Shares, Dividends

UzNIF review as of 28 September 2026: 13 state-owned companies in the portfolio, the UZNF price in Tashkent and the GDR in London, Franklin Templeton's fees, the dividend policy and taxes. All based on Resolution PQ-303, the fund's reporting, uzse.uz and the LSE.

· 8 min read · Sogdium Editorial
A matte grid tray with cells, four of them holding miniatures of an airplane, a power line pylon, a telecom tower and a rail, with two stands of different heights with turquoise markers behind it — illustration for a review of the National Investment Fund of Uzbekistan

In brief: what is UzNIF — it is JSC "National Investment Fund of the Republic of Uzbekistan," established by Presidential Resolution PQ-303 of 27 August 2024 and holding stakes of 25% to 40% in 13 state-owned companies of Uzbekistan; its trustee is FE "Franklin Templeton Asset Management" LLC, a subsidiary of Franklin Resources (the fund's RNS, 21 September 2026). Since 18 May 2026 the fund's shares have traded on the Toshkent exchange under the ticker UZNF, and its GDRs on the London Stock Exchange. As of 28 September 2026, the last trade in Tashkent was on 25 September 2026 at 6.55 soums (uzse.uz), 40.9% above the IPO price of 4.65 soums (the fund's semi-annual report of 28 August 2026). Net asset value (NAV) as of 31 August 2026 was 6.2562 soums per share (RNS of 21 September 2026). The fund expects its first annual dividend payment, if any, in 2027 based on 2026 profit (RNS of 9 April 2026).

UzNIF at a glance

ParameterValueSource, date
Legal entityJSC "National Investment Fund of the Republic of Uzbekistan"PQ-303
Legal basisPQ-303 of 27 August 2024, in force since 28 August 2024; current version on lex.uz — 27 February 2026lex.uz, taken 28 September 2026
ManagerFE "Franklin Templeton Asset Management" LLC, initial term — 5 years from 1 May 2025semi-annual report, 28 August 2026
Shares5,054,262,531,127 shares, par value 5 soums (after a 5:1 consolidation in April 2026)same
TickersUZNF (Toshkent exchange, share code UZ7058980010, Premium category); UZNF and UZ20 (LSE), 1 GDR = 64,700 sharesuzse.uz, 7 May 2026; report
Shareholders as of 30 June 2026Ministry of Economy and Finance — 64.55%; shares underlying GDRs — 34.50%; individuals on the Toshkent exchange — 0.64%; institutional investors on the Toshkent exchange — 0.31%report, Central Depository data

Portfolio: 13 companies

The list is the annex to PQ-303 (current version on lex.uz — of 27 February 2026); stakes and valuations are from the fund's semi-annual report as of 30 June 2026, with valuations by an independent appraiser.

CompanyFund's stakeValuation as of 30 June 2026, billion soums
Uzbektelecom30%5,780.6
Uzbekistan Airways25%4,818.2
Uzpromstroybank (SQB)40%4,284.1
Uzbekhydroenergo37% as of 30 June, then 40% again4,242.6
Temiryo’linfratuzilma40%3,547.1
National Electric Grid of Uzbekistan (in the annex — JSC "Uzbekiston MET")40%3,380.0
Thermal Power Plants25%1,932.9
Hududgazta'minot40%1,223.8
Uzbek Commodity Exchange40%1,068.3
Regional Electric Networks40%906.9
Uzbekinvest40%524.4
Toshshahartranskhizmat25%266.4
Uzsuvta'minot40%71.6

The total portfolio is 32,046.8 billion soums. In the report, Uzbektelecom, SQB and the commodity exchange are marked as "illiquid listed," while the other ten are unlisted; according to a footnote in the report, only Uzbekinvest's preferred shares (UZINP) trade, whereas the fund holds ordinary shares. Their IPO plans are covered in "IPOs in Uzbekistan."

IPO in London and Tashkent: results of May 2026

According to the fund's semi-annual report (28 August 2026):

  • subscription — 29 April–12 May 2026, trading in Tashkent and London — from 18 May 2026;
  • price — 4.65 soums per share and $25 per GDR (303,641 soums at the Central Bank rate of 12,145.65 soums per $1 on 13 May 2026); eligible individuals with orders of up to and including 12 billion soums in Tashkent could buy at 4.41 soums;
  • the Ministry of Economy and Finance sold about 31% of the capital for about $603.6 million (7.33 trillion soums at the Central Bank rate on 13 May 2026), and with the over-allotment option on 20 May 2026 — 35.45% and about $691.5 million (8.34 trillion soums at the Central Bank rate of 12,055.81 on 20 May 2026); the money went to the seller, not the fund;
  • the fund and the Ministry of Economy and Finance are bound by a 180-day lock-up after admission to trading on the LSE, "subject to customary exceptions"; admission was on 13 May 2026 (LSE), so the 180 days expire around 9 November 2026 (our calculation).

UzNIF share price as of 28 September 2026

IndicatorValueSource
UZNF, Toshkent exchangeclose on 25 September 2026 — 6.55 soums; 89,015,258 shares, turnover 579.3 million soumsuzse.uz, taken 28 September 2026 before the start of trading
GDR, LSEclose on 25 September 2026 — $34.20 (404,616 soums at the Central Bank rate of 11,830.87 on 25 September 2026)LSE, taken 28 September 2026
NAV as of 31 August 202631,620 billion soums ($2.68 billion at the Central Bank rate on the reporting date), 6.2562 soums per share, $34.30 per GDRRNS, 21 September 2026

The UZNF share closed at 6.55 soums on 25 September 2026 (uzse.uz) — 40.9% above the IPO price of 4.65 soums (the fund's report, 28 August 2026). The GDR closed at $34.20 on 25 September 2026 — 36.8% above the IPO price of $25 (LSE; the fund's report). The price and NAV in the table are for different dates.

How to buy UzNIF shares on the Toshkent exchange

Based on the check of 25 September 2026 in the guide "How to buy stocks in Uzbekistan" (NAPP register, uzse.uz, broker fee schedules):

  1. Open an account with a broker from the NAPP register (online via MyID with JETT and GoInvest — according to Spot of 2 July 2026; with Freedom Finance — with an office visit).
  2. Fund the account in soums.
  3. Buy UZNF: the lot is one share, trading on weekdays 9:30–16:00, T+2 settlement.

The fee of the brokers checked on 25 September 2026 is about 1% of the trade amount; on a sale, according to the Freedom fee schedule of 16 September 2026 and JETT's, there is also a 0.01% fee to the state budget (these fee schedules do not name the legal act).

How to buy UzNIF GDRs abroad

The GDRs (ISIN US63654D1164) trade on the LSE Main Market in dollars; one receipt equals 64,700 shares. They can be bought through a broker with access to the LSE. The Freedom Finance fee schedule of 16 September 2026 covers only the markets of the Toshkent exchange (checked 25 September 2026). Currency control rules for a resident buying securities abroad are not covered in this review.

UzNIF dividends: distribution policy

  • PQ-303 rule (para. 6): "until 2030, at least 50 percent of the net profit of the Fund's investment assets shall be allocated to the payment of dividends based on the results of the relevant year" (translated from Russian). The RNS of 9 April 2026, citing PQ-303: portfolio companies have a mandated payout of at least 50% of net profit until 2030, "subject to applicable provisions in the relevant Presidential Decree(s)."
  • The fund's policy (approved by the Supervisory Board on 23 April 2026, PDF): dividends are declared "primarily on an annual basis," based on audited financial statements; under normal conditions the base is the "cash dividend received" from portfolio companies plus the yield on cash balances, minus expenses, taxes and reserves; the decision is made by the general meeting, and payment is made within 60 days, automatically through the Central Depository or a broker.
  • When: the first annual payment, "if any," is expected in 2027 based on net profit for 2026 (RNS, 9 April 2026).
  • Incoming dividends: according to the report of 28 August 2026, for H1 2026 the fund recognized 341.0 billion soums of dividend income from Thermal Power Plants, the commodity exchange and Uzbektelecom; 116.9 billion had been received in cash by 30 June 2026 — from the commodity exchange; part of the dividends had not been paid on time as of the report date. The fund's dividend income from portfolio companies is exempt from profit tax from 1 January 2026 to 1 January 2030 (Article 483, para. 95 of the Tax Code, according to the report).

Franklin Templeton's fees

Under the trust management agreement (note 7 to the financial statements as of 30 June 2026), the manager is entitled to:

FeeAmount and condition
Base1% per year of NAV, paid quarterly; 0.75% once NAV has doubled relative to the first valuation
Dividend5% of dividends declared by portfolio companies for the year, if year-end NAV is 10% above the previous year's and not below NAV at the end of any previous year
For the fund's IPO4% of the selling shareholder's proceeds from the IPO and subsequent sales of the fund's securities
For an exit from a company4% of the selling shareholders' proceeds from an IPO, sale or other exit from a portfolio company; the fund pays pro rata, only if it sells itself

For H1 2026 the fund's operating expenses were 158.9 billion soums, of which the manager's fee was 150.6 billion; according to the report, these were base fees only.

Taxes on UzNIF shares for individuals

Tax Code of the Republic of Uzbekistan of 30 December 2019 (Law No. ZRU-599, in force since 1 January 2020), current version on lex.uz — 6 August 2026:

IncomeResidentNon-resident
Dividends5% (Article 381, part 2, unchanged according to lex.uz), but under para. 1 of PQ-90 of 17 January 2022 (in force since 17 January 2022, current version — 27 April 2024; para. 1 as amended by PQ-291 of 2 September 2023, in force since 4 September 2023, current version — 17 April 2026) dividends on individuals' shares are exempt "from 1 April 2022 to 31 December 2028" (translated from Russian)10% (Article 382, para. 1 as amended by Law No. ZRU-785 of 26 July 2022), the same PQ-90 exemption
Sale of shares on the exchangenot taxed: Article 378, para. 7 exempts income from the sale of property, except for "securities (except for issue-grade securities sold on the stock exchange)" (translated from Russian)the section's exemptions do not apply (Article 366, para. 2); other income — 12% (Article 382, para. 3); an international treaty takes precedence (Article 2)

The fund acts as a tax agent "to the extent required" under tax legislation and double tax treaties (clause 5.8 of the dividend policy). We did not check the taxation of GDRs bought abroad.

Risks

  • Valuation by models. According to the report, the portfolio consists of unlisted shares and illiquid listed securities, and their fair value is determined "using valuation techniques based on unobservable data."
  • Revaluations in both directions. In H1 2026, according to the same report, the valuation of Thermal Power Plants rose by 114%, while Hududgazta'minot fell by 33% and Temiryo’linfratuzilma by 19%.
  • Tariffs. New tariffs for settlements between energy companies have applied since 1 August 2026; according to the RNS of 28 August 2026, they were not reflected in the valuation as of 30 June 2026, and their effects "remain under assessment."
  • Overdue dividends. The fund's dividend receivables as of 30 June 2026 were 260.7 billion soums; according to the report of 28 August 2026, "Certain dividend receivables remained unpaid beyond the applicable payment periods" as of the report date, and the manager is pursuing collection.
  • Oversight of the manager. According to the RNS of 9 April 2026, the manager is not authorized or registered as an alternative investment fund manager in the EU/EEA or the UK and does not intend to be; there is no supervision by the FCA or EU/EEA competent authorities in this respect.

Pros and cons

Pros. One security — stakes in 13 state-owned companies. Monthly NAV reports. Listings in Tashkent and London. A published dividend policy and semi-annual financial statements.

Cons. The fund expects its first dividend payment in 2027, and with the caveat "if any." According to the description of the agreement in the report as of 30 June 2026, the 1% base fee on NAV carries no NAV growth conditions, unlike the dividend fee. The portfolio is valued using an independent appraiser's models, not market prices.

FAQ

What is UzNIF in simple terms? UzNIF is the National Investment Fund of Uzbekistan: a JSC established under PQ-303 of 27 August 2024 that holds 25–40% stakes in 13 state-owned companies. It is managed by Franklin Templeton (RNS, 21 September 2026).

How do I buy UzNIF shares? Through a broker — an investment intermediary from the NAPP register: open an account, fund it in soums and buy the UZNF ticker on the Toshkent exchange. The lot is one share, and the fee at the brokers checked on 25 September 2026 is about 1%.

How much does a UzNIF share cost? As of 28 September 2026, the last trade on the Toshkent exchange took place on 25 September 2026 at 6.55 soums (uzse.uz), and the GDR on the LSE closed at $34.20 on 25 September 2026 (LSE).

Does UzNIF pay dividends? The fund expects its first annual payment, "if any," in 2027 based on 2026 profit (RNS, 9 April 2026). Payment is made automatically through the Central Depository or a broker (dividend policy of 23 April 2026).

Do I have to pay tax on UzNIF shares? For a resident — no, while the exemptions apply: dividends on individuals' shares are exempt until 31 December 2028 under PQ-90, and income from sales on the exchange is not taxed under Article 378, para. 7 of the Tax Code. PQ-90 also exempts non-residents' dividends until 31 December 2028; a non-resident's income from a sale is taxed under Article 382 of the Tax Code unless an international treaty provides otherwise.

How much does Franklin Templeton charge for management? The base fee is 1% per year of NAV (0.75% after NAV doubles), plus a conditional 5% dividend fee and 4% fees for IPOs and exits (financial statements as of 30 June 2026).

Sources

Taken 28 September 2026, unless a document date is given.

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